Clough Global Allocation Fund (Form: N-CSR, Received: 01/08/2016 16:11:31)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21583

Clough Global Allocation Fund

(exact name of registrant as specified in charter)

1290 Broadway, Suite 1100, Denver, Colorado 80203

(Address of principal executive offices) (Zip code)

Abigail J. Murray, Secretary

Clough Global Allocation Fund

1290 Broadway, Suite 1100

Denver, Colorado 80203

(Name and address of agent for service)

Registrant’s telephone number, including area code: 303-623-2577

Date of fiscal year end: October 31

Date of reporting period: November 1, 2014 – October 31, 2015

Item 1. Reports to Stockholders.

LOGO

S ECTION 19(B) D ISCLOSURE

October 31, 2015 (Unaudited)

Clough Global Allocation Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund (each a “Fund” and collectively, the “Funds”), acting pursuant to a Securities and Exchange Commission (“SEC”) exemptive order and with the approval of each Fund’s Board of Trustees (the “Board”), have adopted a plan, consistent with each Fund’s investment objectives and policies to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plan, Clough Global Allocation Fund distributes $0.120 per share on a monthly basis, Clough Global Equity Fund distributes $0.115 per share on a monthly basis and Clough Global Opportunities Fund distributes $0.100 per share on a monthly basis.

The fixed amount distributed per share is subject to change at the discretion of each Fund’s Board. Under the Plan, each Fund will distribute all available investment income to its shareholders, consistent with each Fund’s primary investment objectives and as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient investment income is not available on a monthly basis, each Fund will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board, except for extraordinary distributions and potential distribution rate increases or decreases to enable each Fund to comply with the distribution requirements imposed by the Code.

Shareholders should not draw any conclusions about each Fund’s investment performance from the amount of these distributions or from the terms of the Plan. Each Fund’s total return performance on net asset value is presented in its financial highlights table.

The Board may amend, suspend or terminate each Fund’s Plan without prior notice if it deems such action to be in the best interest of either the Fund or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if a Fund’s stock is trading at or above net asset value) or widening an existing trading discount. Each Fund is subject to risks that could have an adverse impact on its ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, increased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code. Please refer to each Fund’s prospectus for a more complete description of its risks.

Please refer to Additional Information for a cumulative summary of the Section 19(a) notices for each Fund’s current fiscal period. Section 19(a) notices for each Fund, as applicable, are available on the Clough Global Closed-End Funds website www.cloughglobal.com.


Clough Global Funds		Table of Contents



Shareholder Letter			2

Portfolio Allocation

Global Allocation Fund			5

Global Equity Fund			6

Global Opportunities Fund			7

Statement of Investments

Global Allocation Fund			8

Global Equity Fund			14

Global Opportunities Fund			20

Statements of Assets and Liabilities			27

Statements of Operations			28

Statements of Changes in Net Assets			29

Statements of Cash Flows			32

Financial Highlights

Global Allocation Fund			33

Global Equity Fund			34

Global Opportunities Fund			35

Notes to Financial Statements			36

Report of Independent Registered Public Accounting Firm			54

Dividend Reinvestment Plan			55

Additional Information

Fund Proxy Voting Policies & Procedures			56

Portfolio Holdings			56

Notice			56

Shareholder Meeting			56

Section 19(A) Notices			56

Tax Designations			57

Trustees & Officers			58

Privacy Policy			62

Clough Global Funds

Shareholder Letter

October 31, 2015 (Unaudited)

To Our Investors:

Clough Global Allocation Fund (GLV)

During the twelve months ended October 31, 2015, the Clough Global Allocation Fund’s total return, assuming reinvestment of all distributions, was 1.61% based on the net asset value and 2.57% based on the market price of the Fund. The S&P 500 and the MSCI World Index returned 5.20% and 2.43% respectively over the same period. During the twelve months ended October 31, 2015, the Fund paid $1.41 per share in distributions. As of October 31st, the Fund had an annualized dividend distribution rate on the market price of 10.37%.

Clough Global Equity Fund (GLQ)

During the twelve months ended October 31, 2015, the Clough Global Equity Fund’s total return, assuming reinvestment of all distributions, was 0.76% based on the net asset value and -0.98% based on the market price of the Fund. The S&P 500 and the MSCI World Index returned 5.20% and 2.43% respectively over the same period. During the twelve months ended October 31, 2015, the Fund paid $1.36 per share in distributions. As of October 31st, the Fund had an annualized dividend distribution rate on the market price of 10.53%.

Clough Global Opportunities Fund (GLO)

During the twelve months ended October 31, 2015, the Clough Global Opportunities Fund’s total return, assuming reinvestment of all distributions, was 1.13% based on the net asset value and 1.93% based on the market price of the Fund. The S&P 500 and the MSCI World Index returned 5.20% and 2.43% respectively over the same period. During the twelve months ended October 31, 2015, the Fund paid $1.19 per share in distributions. As of October 31st, the Fund had an annualized dividend distribution rate on the market price of 10.58%.

For the year ending October 31, 2015, the Global Allocation Fund finished up 1.61%, the Global Equity Fund finished up 0.76%, and the Global Opportunities Fund finished up 1.13%.

The Consumer Discretionary sector was the largest contributor to performance. Homebuilders such as DR Horton, jewelry retailer Signet, and theater operator IMAX were top contributors within the consumer sector. The Information Technology sector was also a significant help to performance including names like Salesforce.com and Facebook.

Our investments in some homebuilders have been profitable, but nowhere near the extent had we thought likely at this point in the cycle. They were up modestly in a strong tape this month. Disappointing pending home sales were reported for September, but that was due to supply shortages. Fundamentals at some companies in the field are strong, with major firms reporting double digit order

and backlog growth, and we still think pent up demand is likely to cause a breakout in single family housing activity in 2016 and 2017.

Detractors to performance were in the Energy and Financial sectors. Two holdings on the long side in Lumber Liquidators and Calpine also hurt performance. The Funds no longer hold the former but are sticking with the latter as we believe the fundamentals and cash flow generation are strong.

The short book was strong in the first half of 2015 as positions designed to benefit from a strong dollar and collapsing commodities markets outperformed. These positions became a drag in the last quarter when a sharp “snap back” rally in energy equipment suppliers and industrial commodity producers took back earlier profits. We believe these rallies won’t last. For one, the renewed raise in the dollar’s foreign exchange value only aggravates the deflationary world in which commodity producers exist. Industrial and precious metal prices have already reversed in a weak rally and many have declined to new lows. Profits for many of these companies are in secular decline.

Free cash flow is becoming a powerful stock selection tool on both the long and short sides. There are companies that generate excess free cash flow after funding dividends and capital spending requirements and there are those that do not. Those that do we call “compounders” – companies which can grow shareholder value year in and year out. We have seen any number of instances where companies facing fundamental decline have aggravated the destruction of shareholder value by leveraging to purchase shares at prices higher than what their stock sells for today. Many of the former, companies generating sufficient free cash flow to fund necessary capex and add to cash holdings, performed well. Interestingly, free cash flow is negative for the corporate sector as a whole so far in 2015, and companies which are taking on debt to support buybacks and dividends are typically moving onto our short/hedge list. The more the leveraged loan market comes under stress, the greater the short side opportunity becomes.

The comparable to free cash flow in the financial sector is excess capital and one holding in which we see that accreting is Citigroup Inc. The company is in a unique position of building excess capital while being able to buy back stock at a discount to its tangible book value. It also faces a market share opportunity as weaker competitive global banks shrink operations. Such examples include Standard Charter and Credit Suisse, both of whom recently announced capital raises and business restructuring. Deutsche Bank and Unicredit also announced staff and asset reductions.

Broadly speaking, our current short book is focused on industries in which we believe earnings will likely suffer from chronic industry overinvestment. Examples include energy, suppliers to smartphone manufacturers, and excess capacity in the European airline industry.

According to a Simmons & Co. analyst, dividend and capital spending by the major oil companies will exceed cash flow by $90 billion in 2015 even after all announced capital spending cuts. The most

www.cloughglobal.com

Clough Global Funds

Shareholder Letter

October 31, 2015 (Unaudited)

vulnerable service companies we see are the deep water drillers. The companies must take delivery of excess rigs ordered during the period of higher oil prices but now face few new contract opportunities.

Finally, we still hold firm in our belief that we are in a low interest rate environment, regardless of the possible upcoming Fed rate hike in December. We are long duration in the form of 30 year US treasuries and will continue to build this position when temporary rise in yields provide an attractive entry point.

If you have any questions about your investment, please call
1-877-256-8445.

Sincerely,

LOGO

Charles I. Clough, Jr.

LOGO

Robert M. Zdunczyk

Past performance is no guarantee of future results.

This letter is provided for informational purposes only and is not an offer to purchase or sell shares. Clough Global Allocation Fund, Clough Global Equity Fund and Clough Opportunities Fund are closed-end funds, which are traded on the New York Stock Exchange AMEX, and does not continuously issue shares for sale as open-end mutual funds do. The market price of a closed end Fund is based on the market’s value.

The information in this letter represents the opinions of the individual Portfolio Managers and is not intended to be a forecast of future events, a guarantee of future results, or investment advice. Past performance is no guarantee of future results.

Tangible Book Value: Computed by deducting intangible assets, start-up expenses, and deferred financing costs from the firm’s normal book value (BV).

MSCI World Index: a stock market index of world stocks. It is maintained by MSCI Inc. and is often used as a common benchmark for world or global stock funds. The index includes a collection of stocks of all the developed markets in the world as defined by MSCI.

S&P 500 Index: Broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks commonly known as the Standard & Poor’s 500 ^® or S&P 500 ^® .

It is not possible to invest directly in an index.

The net asset value (NAV) of a closed-end fund is the market price of the underlying investments (i.e., stocks and bonds) in the fund’s portfolio, minus liabilities, divided by the total number of fund shares outstanding. However, the fund also has a market price; the value of which it trades on an exchange. This market price can be more or less than its NAV.

Annual Report | October 31, 2015

Clough Global Funds

Shareholder Letter

October 31, 2015 (Unaudited)


CLOUGH GLOBAL ALLOCATION FUND

Top 10 Equity Holdings*		% of Total Portfolio
1. Citigroup, Inc.		5.61%
2. Bank of America Corp.		4.48%
3. Liberty Ventures - Series A		3.37%
4. Lennar Corp. - Class A		3.23%
5. DR Horton, Inc.		2.93%
6. American International Group, Inc.		2.85%
7. Calpine Corp.		2.57%
8. Starbucks Corp.		2.54%
9. Roper Technologies, Inc.		2.46%
10. Facebook, Inc. - Class A		2.38%

CLOUGH GLOBAL EQUITY FUND

Top 10 Equity Holdings*		% of Total Portfolio
1. Citigroup, Inc.		5.83%
2. Bank of America Corp.		4.68%
3. Liberty Ventures - Series A		4.05%
4. Lennar Corp. - Class A		3.36%
5. American International Group, Inc.		3.23%
6. DR Horton, Inc.		3.05%
7. Calpine Corp.		2.65%
8. Starbucks Corp.		2.63%
9. Roper Technologies, Inc.		2.56%
10. W.R. Grace & Co.		2.53%

CLOUGH GLOBAL OPPORTUNITIES FUND

Top 10 Equity Holdings*		% of Total Portfolio
1. Citigroup, Inc.		5.68%
2. Bank of America Corp.		4.48%
3. Liberty Ventures - Series A		3.41%
4. Lennar Corp. - Class A		3.24%
5. American International Group, Inc.		3.21%
6. DR Horton, Inc.		2.94%
7. Calpine Corp.		2.55%
8. Starbucks Corp.		2.54%
9. W.R. Grace & Co.		2.44%
10. Roper Technologies, Inc.		2.44%

Holdings are subject to change.
*Only long positions are listed.

www.cloughglobal.com

Clough Global Allocation Fund

Portfolio Allocation

October 31, 2015 (Unaudited)


Asset Allocation*


Common Stock - US		73.61%
Closed-End Funds		3.46%
Common Stock - Foreign		2.22%
Preferred Stock		-0.48%
Exchange Traded Funds		-16.79%

Total Equities		62.02%



Government L/T		12.97%
Corporate Debt		7.22%
Asset/Mortgage Backed		4.14%
Participation Notes		2.87%

Total Fixed Income		27.20%



Short-Term Investments		9.90%
Other (Foreign Cash)		1.02%
Warrant		0.01%
Future		0.01%
Total Return Swap Contracts		-0.16%

Total Other		10.78%




TOTAL INVESTMENTS		100.00%

^*	Percentages are based on total investments, including securities sold short. Holdings are subject to change.

^{^}

Includes securities sold short and foreign cash balances.

^†	US Multinational Corporations – has more than 50% of revenues derived outside of the U.S.


Global Securities Holdings ^{^}


United States		84.78%
China		10.49%
U.S. Multinationals ^†		9.70%
Japan		4.22%
Canada		2.58%
United Kingdom		2.24%
Hong Kong		1.24%
Denmark		0.16%
Other		-15.41%

TOTAL INVESTMENTS		100.00%

Annual Report | October 31, 2015

Clough Global Equity Fund

Portfolio Allocation

October 31, 2015 (Unaudited)


Asset Allocation*


Common Stock - US		82.81%
Common Stock - Foreign		3.97%
Preferred Stock		-0.50%
Exchange Traded Funds		-20.03%

Total Equities		66.25%



Government L/T		10.21%
Participation Notes		2.97%
Corporate Debt		1.89%
Asset/Mortgage Backed		0.57%

Total Fixed Income		15.64%



Short-Term Investments		16.84%
Other (Foreign Cash)		1.50%
Warrant		0.01%
Future		0.01%
Total Return Swap Contracts		-0.25%

Total Other		18.11%




TOTAL INVESTMENTS		100.00%

^*	Percentages are based on total investments, including securities sold short. Holdings are subject to change.

^{^}	Includes securities sold short and foreign cash balances.

^†	US Multinational Corporations – has more than 50% of revenues derived outside of the U.S.


Global Securities Holdings ^{^}


United States		85.26%
China		11.37%
U.S. Multinationals ^†		9.85%
Japan		4.91%
Canada		3.30%
United Kingdom		2.31%
Hong Kong		1.73%
Denmark		0.16%
Other		-18.89%

TOTAL INVESTMENTS		100.00%

www.cloughglobal.com

Clough Global Opportunities Fund

Portfolio Allocation

October 31, 2015 (Unaudited)


Asset Allocation*


Common Stock - US		72.90%
Common Stock - Foreign		2.19%
Preferred Stock		-0.48%
Exchange Traded Funds		-16.85%

Total Equities		57.76%



Government L/T		13.49%
Corporate Debt		7.22%
Asset/Mortgage Backed		4.49%
Participation Notes		2.84%

Total Fixed Income		28.04%



Short-Term Investments		13.09%
Other (Foreign Cash)		1.25%
Warrant		0.01%
Future		0.01%
Total Return Swap Contracts		-0.16%

Total Other		14.20%




TOTAL INVESTMENTS		100.00%

^*	Percentages are based on total investments, including securities sold short. Holdings are subject to change.

^{^}

Includes securities sold short and foreign cash balances.

^†	US Multinational Corporations – has more than 50% of revenues derived outside of the U.S.


Global Securities Holdings ^{^}


United States		84.23%
China		10.38%
U.S. Multinationals ^†		10.11%
Japan		4.19%
Canada		2.56%
United Kingdom		2.22%
Hong Kong		1.46%
Denmark		0.16%
Australia		-0.05%
Other		-15.26%

TOTAL INVESTMENTS		100.00%

Annual Report | October 31, 2015

Clough Global Allocation Fund

Statement of Investments

October 31, 2015


	Shares		Value

COMMON STOCKS 108.89%
Consumer Discretionary 28.06%
Diversified Consumer Services 3.10%
Service Corp. International ^(a)(b)		45,700		$1,291,482
Starbucks Corp. ^(a)(b)		59,900		3,747,943

				5,039,425


Household Durables 5.59%
DR Horton, Inc. ^(a)		146,926		4,325,502
Lennar Corp. - Class A ^(a)		95,200		4,766,664

				9,092,166


Internet & Catalog Retail 6.56%
JD.com, Inc. - ADR ^(a)(c)		57,700		1,593,674
Liberty Ventures - Series A ^(a)(b)(c)		114,072		4,970,117
NetFlix, Inc. ^(a)(c)		5,100		552,738
Priceline Group, Inc. ^(a)(c)		1,764		2,565,279
Rakuten, Inc.		70,900		991,496

				10,673,304


Media 9.90%
AMC Entertainment Holdings, Inc. - Class A ^(a)		63,300		1,732,521
Comcast Corp. - Class A ^(a)(b)		55,000		3,444,100
IMAX Corp. ^(a)(b)(c)		69,500		2,668,105
Liberty Broadband Corp. - Class A ^(a)(b)(c)		12,528		683,528
Liberty Broadband Corp. - Class C ^(a)(b)(c)		47,848		2,572,787
Liberty Media Corp. - Class A ^(a)(b)(c)		50,112		2,042,565
Liberty Media Corp. - Class C ^(a)(b)(c)		48,424		1,895,799
Lions Gate Entertainment Corp. ^(a)		27,400		1,067,778

				16,107,183


Specialty Retail 2.06%
Signet Jewelers, Ltd. ^(a)(b)		22,150		3,343,321


Textiles 0.85%
Carter’s, Inc. ^(a)		11,700		1,063,296
Samsonite International S.A.		106,500		315,353

				1,378,649


TOTAL CONSUMER DISCRETIONARY				45,634,048


Consumer Staples 0.34%
CVS Health Corp. ^(a)		5,600		553,168


Energy 4.85%
Anadarko Petroleum Corp. ^(a)		19,800		1,324,224
Concho Resources, Inc. ^(a)(c)		12,500		1,448,875


	Shares		Value

Energy (continued)
Devon Energy Corp. ^(a)		26,300		$1,102,759
EOG Resources, Inc. ^(a)		11,300		970,105
Fairway Energy Partners LLC ^(c)(d)(e)		130,700		1,323,337
Pioneer Natural Resources Co. ^(a)		12,500		1,714,250

				7,883,550


Financials 28.75%
Business Development Corporations 1.74%
Ares Capital Corp. ^(a)		118,300		1,801,709
Golub Capital BDC, Inc. ^(a)		63,100		1,032,947

				2,834,656


Capital Markets 3.72%
Atlas Mara, Ltd. ^(c)(e)		183,658		1,101,948
Daiwa Securities Group, Inc.		48,000		330,992
Goldman Sachs Group, Inc. ^(a)(b)		9,800		1,837,500
Morgan Stanley ^(a)(b)		84,487		2,785,536

				6,055,976


Commercial Banks 1.48%
First Republic Bank ^(a)		14,900		973,119
Mitsubishi UFJ Financial Group, Inc.		86,800		568,692
Mizuho Financial Group, Inc.		271,100		562,330
Sumitomo Mitsui Financial Group, Ltd.		7,600		306,091

				2,410,232


Diversified Financials 9.88%
Bank of America Corp. ^(a)(b)		393,991		6,611,169
Citigroup, Inc. ^(a)(b)		155,730		8,280,164
JPMorgan Chase & Co. ^(a)		18,200		1,169,350

				16,060,683


Insurance 3.02%
American International Group, Inc. ^(a)(b)		66,700		4,206,102
Ping An Insurance Group Co. of China, Ltd. - Class H		126,000		709,609

				4,915,711


Real Estate Investment Trusts 5.14%
Healthcare Trust of America, Inc. - Class A ^(a)		51,500		1,354,965
Ladder Capital Corp. ^(a)		50,204		715,909
PennyMac Mortgage Investment Trust ^(a)		106,414		1,555,773
Starwood Property Trust, Inc. ^(a)(b)		154,400		3,101,896
Two Harbors Investment Corp. ^(a)		191,791		1,622,552

				8,351,095

www.cloughglobal.com

Clough Global Allocation Fund

Statement of Investments

October 31, 2015


	Shares		Value

Financials (continued)
Thrifts & Mortgage Finance 3.77%
MGIC Investment Corp. ^(a)(b)(c)		363,734		$3,419,100
Radian Group, Inc. ^(a)(b)		187,500		2,713,125

				6,132,225


TOTAL FINANCIALS				46,760,578


Health Care 13.87%
3SBio, Inc. ^(c)(e)		3,500		3,969
Acceleron Pharma, Inc. ^(a)(c)		14,200		443,182
Akorn, Inc. ^(a)(c)		40,400		1,080,296
Albany Molecular Research, Inc. ^(a)(c)		45,500		820,820
Allergan PLC ^(c)		3,100		956,257
AstraZeneca PLC - Sponsored ADR ^(a)		15,436		492,254
Bristol-Meyers Squibb Co. ^(a)(b)		10,087		665,238
Cardiome Pharma Corp. ^(a)(c)		139,500		1,139,715
Cerner Corp. ^(a)(b)(c)		11,600		768,964
Cigna Corp. ^(a)		10,800		1,447,632
Community Health Systems, Inc. ^(c)		6,200		173,848
Corindus Vascular Robotics, Inc. ^(a)(c)		139,800		447,360
Dynavax Technologies Corp. ^(a)(c)		18,300		415,593
Forward Pharma A/S - ADR ^(a)(c)		23,700		596,292
Gilead Sciences, Inc.		1,700		183,821
GW Pharmaceuticals PLC - ADR ^(a)(b)(c)		17,400		1,376,166
HCA Holdings, Inc. ^(a)(b)(c)		10,377		713,834
Healthways, Inc. ^(a)(c)		159,449		1,876,715
Hologic, Inc. ^(a)(b)(c)		20,000		777,200
Intra-Cellular Therapies, Inc. ^(a)(c)		25,500		1,220,175
Intrexon Corp. ^(a)(c)		14,004		470,534
Jazz Pharmaceuticals PLC ^(a)(b)(c)		4,737		650,295
Keryx Biopharmaceuticals, Inc. ^(a)(c)		132,900		595,392
Perrigo Co. PLC ^(a)		4,360		687,746
Sinopharm Group Co., Ltd. - Class H		237,600		984,048
Team Health Holdings, Inc. ^(a)(c)		6,100		363,987
Veracyte, Inc. ^(a)(b)(c)		107,956		702,794
Vertex Pharmaceuticals, Inc. ^(a)(b)(c)		17,200		2,145,528
Zeltiq Aesthetics, Inc. ^(c)		10,600		357,644

				22,557,299


Industrials 12.50%
Air China, Ltd. - Class H		340,000		328,568
Allison Transmission Holdings, Inc. ^(a)(e)		81,441		2,337,357
Armstrong World Industries, Inc. ^(a)(b)(c)		31,100		1,543,182


	Shares		Value

Industrials (continued)
China Railway Construction Corp., Ltd. - Class H		541,000		$813,880
Kansas City Southern ^(a)(b)		33,300		2,755,908
Keisei Electric Railway Co., Ltd.		73,000		906,828
Mitsubishi Heavy Industries, Ltd.		124,000		631,047
Roper Technologies, Inc. ^(a)(b)		19,500		3,633,825
Seibu Holdings, Inc.		55,500		1,131,893
TransDigm Group, Inc. ^(a)(c)		15,400		3,385,690
Viasat, Inc. ^(a)(b)(c)		37,649		2,483,328
Wesco Aircraft Holdings, Inc. ^(a)(c)		5,200		64,792
Xinjiang Goldwind Science & Technology Co., Ltd. - Class H		172,400		325,199

				20,341,497


Information Technology 10.73%
Alibaba Group Holding, Ltd. - Sponsored ADR ^(a)(c)		19,200		1,609,536
Alphabet, Inc. - Class A ^(a)(c)		2,470		1,821,353
Alphabet, Inc. - Class C ^(a)(c)		2,337		1,661,163
Baidu, Inc. - Sponsored ADR ^(c)		2,200		412,434
Facebook, Inc. - Class A ^(a)(b)(c)		34,400		3,507,768
Fujifilm Holdings Corp.		14,100		566,945
Lam Research Corp. ^(a)		30,200		2,313,018
Microsoft Corp. ^(a)		17,100		900,144
Nintendo Co., Ltd.		4,200		678,014
Pandora Media, Inc. ^(a)(b)(c)		75,400		867,854
Salesforce.com, Inc. ^(a)(b)(c)		40,000		3,108,400

				17,446,629


Materials 3.40%
Axalta Coating Systems, Ltd. ^(a)(b)(c)		79,000		2,182,770
W.R. Grace & Co. ^(a)(b)(c)		33,400		3,350,020

				5,532,790


Telecommunication Services 4.06%
AT&T, Inc. ^(a)(b)		69,900		2,342,349
China Mobile, Ltd.		193,500		2,316,827
China Unicom Hong Kong, Ltd.		1,004,000		1,239,682
Nippon Telegraph & Telephone Corp.		19,000		706,340

				6,605,198

Annual Report | October 31, 2015

Clough Global Allocation Fund

Statement of Investments

October 31, 2015


	Shares		Value

Utilities 2.33%
Calpine Corp. ^(a)(b)(c)		244,700		$3,795,297


TOTAL COMMON STOCKS (Cost $175,881,665)				177,110,054


EXCHANGE TRADED FUNDS 3.59%
iShares ^® China Large Cap ETF ^(a)		45,100		1,725,977
iShares ^® MSCI Japan Index ETF		73,200		901,824
PowerShares ^® Deutsche Bank U.S. Dollar Index Bullish Fund ^(a)(b)(c)		16,700		421,675
Utilities Select Sector SPDR ^® ETF ^(a)(b)		63,900		2,795,625

				5,845,101


TOTAL EXCHANGE TRADED FUNDS (Cost $5,927,161)				5,845,101


CLOSED-END FUNDS 3.14%
Gabelli Equity Trust, Inc. ^(a)		171,400		976,980
Guggenheim Enhanced Equity Income Fund ^(a)		65,800		507,976
Liberty All-Star Equity Fund ^(a)		311,800		1,674,366
Nuveen Real Estate Income Fund ^(a)		96,500		1,055,710
Tekla Healthcare Opportunities Fund ^(a)		50,636		886,637

				5,101,669


TOTAL CLOSED-END FUNDS (Cost $5,523,418)				5,101,669


PARTICIPATION NOTES 2.60%
*Consumer Staples 1.37%*
Kweichow Moutai Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 12/09/2015 ^(c)		43,490		1,472,223
Shanghai Jahwa United Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 01/29/2016 ^(c)(d)		138,300		754,384

				2,226,607


	Shares		Value

*Industrials 1.23%*
Zhengzhou Yutong Bus Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 11/18/2015 ^(c)		579,550		$2,010,880


TOTAL PARTICIPATION NOTES (Cost $4,288,231)				4,237,487


WARRANTS 0.01% ^(c)
Atlas Mara, Ltd., Strike price $11.50, Expires 12/17/2017 ^(e)		116,958		14,620


TOTAL WARRANTS (Cost $1,170)				14,620


Description and	Principal
Maturity Date	Amount		Value

CORPORATE BONDS 6.55%
American Express Co.
Series C, Perpetual Maturity, 4.900% ^(a)(f)(g)		$500,000		485,625
Bank of America Corp.
Series AA, Perpetual Maturity, 6.100% ^(a)(f)(g)		1,200,000		1,215,000
Bank of New York Mellon Corp.
Series D, Perpetual Maturity, 4.500% ^(a)(f)(g)		700,000		652,750
Berkshire Hathaway Energy Co.
11/15/2018, 2.000% ^(a)		1,000,000		1,001,868
Citigroup, Inc.
Series N, Perpetual Maturity, 5.800% ^(a)(f)(g)		1,300,000		1,293,500
Series P, Perpetual Maturity, 5.950% ^(a)(f)(g)		1,400,000		1,352,750
Citizens Financial Group, Inc.
Perpetual Maturity, 5.500% ^(a)(e)(f)(g)		950,000		935,750
Goldman Sachs Group, Inc.
Series M, Perpetual Maturity, 5.375% ^(a)(f)(g)		1,000,000		991,250
JPMorgan Chase & Co.
Series Z, Perpetual Maturity, 5.300% ^(a)(f)(g)		1,300,000		1,307,150
Textron Financial Corp.
02/15/2067, 6.000% ^(a)(e)(f)		1,910,000		1,418,175


TOTAL CORPORATE BONDS (Cost $11,008,195)				10,653,818

www.cloughglobal.com

Clough Global Allocation Fund

Statement of Investments

October 31, 2015


Description and	Principal
Maturity Date	Amount		Value

ASSET/MORTGAGE BACKED SECURITIES 3.75%
Federal National Mortgage Association
Series AM8004, 02/01/2027, 2.720%		$814,403		$798,844
Government National Mortgage Association
Series 2014-155, Class VA, 03/16/2037, 3.000%		964,044		993,308
Series 2014-86, Class A, 11/16/2040, 2.650%		705,843		720,236
Series 2015-75, Class A, 02/16/2044, 3.000% ^(a)		992,190		1,025,918
Series 2015-22, Class A, 08/16/2047, 2.400%		935,984		945,063
Series 2015-2, Class VA, 12/16/2049, 2.500%		1,352,869		1,349,374
Small Business Administration Participation Certificates
Series 2008-20L, Class 1, 12/01/2028, 6.220%		234,826		268,454


TOTAL ASSET/MORTGAGE BACKED SECURITIES (Cost $6,111,949)				6,101,197


GOVERNMENT & AGENCY OBLIGATIONS 11.77%
U.S. Treasury Bonds
08/15/2040, 3.875% ^(a)		5,200,000		6,162,645
02/15/2042, 3.125% ^(a)		2,000,000		2,097,644
08/15/2042, 2.750% ^(a)		4,000,000		3,881,040
U.S. Treasury Notes
09/15/2017, 1.000% ^(a)		2,000,000		2,010,468
09/30/2017, 0.625% ^(a)		5,000,000		4,990,380


TOTAL GOVERNMENT & AGENCY OBLIGATIONS (Cost $19,241,512)				19,142,177


	Shares		Value

SHORT-TERM INVESTMENTS 8.98%
Money Market Fund 8.98%
BlackRock Liquidity Funds, T-Fund Portfolio - Institutional Class (0.010% 7-day yield)		14,606,754		14,606,754


TOTAL SHORT-TERM INVESTMENTS (Cost $14,606,754)				14,606,754


Total Investments - 149.28% (Cost $242,590,055)				242,812,877

Liabilities in Excess of Other Assets - (49.28%) ^(h)				(80,161,970)


NET ASSETS - 100.00%				$162,650,907


SCHEDULE OF SECURITIES SOLD
SHORT ^(c)	Shares		Value

COMMON STOCKS (40.13%)
Consumer Discretionary (1.92%)
Hotels (0.70%)
MGM Resorts International		(19,100)		$(442,929)
Wynn Resorts, Ltd.		(9,800)		(685,510)

				(1,128,439)

Internet & Catalog Retail (1.22%)
Expedia, Inc.		(14,600)		(1,989,980)


TOTAL CONSUMER DISCRETIONARY				(3,118,419)


Consumer Staples (0.22%)
Carlsberg A/S - Class B		(4,443)		(364,226)


Energy (6.35%)
Cheniere Energy, Inc.		(8,000)		(396,160)
Core Laboratories NV		(8,200)		(953,906)
Ensco PLC - Class A		(104,900)		(1,744,487)
Helmerich & Payne, Inc.		(18,000)		(1,012,860)
Nabors Industries, Ltd.		(61,500)		(617,460)
National Oilwell Varco, Inc.		(12,200)		(459,208)
Oil States International, Inc.		(29,100)		(873,291)
Patterson-UTI Energy, Inc.		(44,300)		(659,627)
Petroleo Brasileiro S.A. - Sponsored ADR		(328,300)		(1,602,104)
Rowan Cos., PLC - A Shares		(35,800)		(704,544)
Transocean, Ltd.		(82,100)		(1,299,643)

				(10,323,290)


Financials (9.11%)
Commercial Banks (6.67%)
Banco Bilbao Vizcaya Argentaria S.A. - Sponsored ADR		(155,400)		(1,339,548)
Banco Santander S.A. - Sponsored ADR		(199,600)		(1,105,784)
BNP Paribas S.A.		(31,517)		(1,915,184)
Intesa Sanpaolo SpA		(526,819)		(1,835,275)
Itau Unibanco Holding S.A. - Class H, Sponsored Preferred ADR		(264,200)		(1,809,770)
Seven Bank, Ltd.		(204,100)		(937,030)
UniCredit SpA		(176,444)		(1,140,877)
United Overseas Bank, Ltd.		(53,000)		(769,141)

				(10,852,609)

Consumer Finance (1.92%)
Ally Financial, Inc.		(26,800)		(533,856)
American Express Co.		(35,400)		(2,593,404)

				(3,127,260)

Real Estate Management & Development (0.52%)
China Resources Land, Ltd.		(322,000)		(841,289)

Annual Report | October 31, 2015

Clough Global Allocation Fund

Statement of Investments

October 31, 2015


SCHEDULE OF SECURITIES SOLD
SHORT ^(c) (continued)	Shares		Value

Financials (continued)

TOTAL FINANCIALS				$(14,821,158)


Health Care (6.24%)
AbbVie, Inc.		(11,200)		(666,960)
Aetna, Inc.		(3,500)		(401,730)
AmerisourceBergen Corp.		(6,400)		(617,664)
ANI Pharmaceuticals, Inc.		(33,500)		(1,401,640)
Bruker Corp.		(52,900)		(971,773)
Eagle Pharmaceuticals, Inc.		(13,600)		(866,456)
Express Scripts Holding Co.		(11,100)		(958,818)
Horizon Pharma PLC		(12,100)		(190,212)
Lannett Co., Inc.		(6,800)		(304,436)
Mallinckrodt PLC		(9,000)		(591,030)
Merck & Co., Inc.		(10,700)		(584,862)
Pacira Pharmaceuticals, Inc.		(4,700)		(234,765)
Teligent, Inc.		(57,400)		(417,298)
UnitedHealth Group, Inc.		(10,500)		(1,236,690)
Varian Medical Systems, Inc.		(8,900)		(698,917)

				(10,143,251)


Industrials (13.06%)
American Airlines Group, Inc.		(27,500)		(1,271,050)
Caterpillar, Inc.		(38,200)		(2,788,218)
Chicago Bridge & Iron Co. NV		(63,200)		(2,835,784)
Deutsche Lufthansa AG		(70,645)		(1,043,307)
easyJet PLC		(42,535)		(1,147,510)
Emerson Electric Co., Inc.		(19,100)		(902,093)
Flowserve Corp.		(51,000)		(2,364,360)
International Consolidated Airlines Group S.A.		(109,554)		(983,776)
Keppel Corp., Ltd.		(138,500)		(699,964)
Kone OYJ, B Shares		(21,232)		(907,295)
Kuehne + Nagel International AG		(7,000)		(970,914)
Metso OYJ		(35,099)		(859,547)
Pentair PLC		(15,700)		(877,944)
Rolls-Royce Holdings Entitlement - C Shares ^(d)		(371)		(1)
Rolls-Royce Holdings PLC		(4)		(42)
Rolls-Royce Holdings Preference - C Shares ^(d)		(302)		(1)
Sandvik AB		(138,169)		(1,292,168)
Triumph Group, Inc.		(11,100)		(517,038)
WW Grainger, Inc.		(8,500)		(1,785,000)

				(21,246,012)


Information Technology (3.23%)
Corning, Inc.		(48,200)		(896,520)
International Business Machines Corp.		(11,700)		(1,638,936)
Nippon Electric Glass Co., Ltd.		(183,000)		(905,370)


SCHEDULE OF SECURITIES SOLD
SHORT ^(c) (continued)	Shares		Value

Information Technology (continued)
Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR		(83,000)		$(1,822,680)

				(5,263,506)

TOTAL COMMON STOCKS (Proceeds $62,027,603)				(65,279,862)


EXCHANGE TRADED FUNDS (18.82%)
Health Care Select Sector SPDR ^® Fund		(36,500)		(2,603,910)
iShares ^® MSCI Brazil Capped ETF		(72,800)		(1,664,936)
iShares ^® MSCI Emerging Markets ETF		(81,343)		(2,836,430)
iShares ^® MSCI South Korea Capped ETF		(16,600)		(902,708)
iShares ^® Nasdaq Biotechnology ETF		(3,762)		(1,224,381)
iShares ^® Russell 2000 ^® ETF		(58,500)		(6,747,390)
Market Vectors ^® Oil Service ETF		(60,300)		(1,843,371)
Market Vectors ^® Semiconductor ETF		(16,800)		(910,728)
SPDR ^® S&P 500 ^® ETF Trust		(57,100)		(11,872,803)


TOTAL EXCHANGE TRADED FUNDS (Proceeds $28,973,304)				(30,606,657)


PREFERRED STOCKS (0.44%)
Financials (0.44%)
Commercial Banks (0.44%)
Banco Bradesco S.A. - ADR		(130,400)		(709,376)


TOTAL PREFERRED STOCKS (Proceeds $734,471)				(709,376)


TOTAL SECURITIES SOLD SHORT (Proceeds $91,735,378)				$(96,595,895)

^(a)

Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of October 31, 2015, the aggregate market value of those securities was $188,496,799 representing 115.89% of net assets. (See Note 1 and Note 6)

^(b)

Loaned security; a portion or all of the security is on loan as of October 31, 2015.

^(c)

Non-income producing security.

^(d)

Fair valued security; valued by management in accordance with procedures approved by the Fund’s Board of Trustees. As of October 31, 2015, these securities had an aggregate market value of $2,077,719 or 1.28% of total net assets.

www.cloughglobal.com

Clough Global Allocation Fund

Statement of Investments

October 31, 2015

^(e)

Security exempt from registration of the Securities Act of 1933. These securities may be resold in transactions exempt from registration under Rule 144A, normally to qualified institutional buyers. As of October 31, 2015, these securities had an aggregate market value of $7,135,156 or 4.39% of net assets.

^(f)

Floating or variable rate security - rate disclosed as of October 31, 2015.

^(g)

This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

^(h)

Includes cash which is being held as collateral for total return swap contracts or futures contracts.

FUTURES CONTRACTS


Description	Position	Contracts	Expiration Date		Underlying Face Amount at Value		Unrealized Appreciation

Foreign Currency Contracts
Japanese Yen Currency Future	Short	52		12/15/2015	$	(5,387,200)	$	10,225

					$	(5,387,200)	$	10,225

TOTAL RETURN SWAP CONTRACTS

Counter Party

Reference

Entity/Obligation

Notional
Amount

Floating Rate
Paid by the Fund

Floating

Rate Index

Termination

Date

Net Unrealized

Appreciation

Morgan Stanley

Bharti Infratel, Ltd.

547,621

30 bps + 1D FEDEF

1 D FEDEF

12/27/2016

176,143

Morgan Stanley

Housing Development Finance Corp.

670,284

30 bps + 1D FEDEF

1 D FEDEF

12/27/2016

35,780

Morgan Stanley

LG Electronics, Inc.

(697,005)

50 bps - 1D FEDEF

1 D FEDEF

10/30/2017

3,605

Morgan Stanley

Zhengzhou Yutong Bus Co., Ltd.

108,978

55 bps + 1D FEDEF

1 D FEDEF

01/05/2017

12,809

629,878

228,337

Reference

Notional

Floating Rate

Floating

Termination

Net Unrealized

Counter Party

Entity/Obligation

Amount

Paid by the Fund

Rate Index

Date

Depreciation

Credit Suisse

Bharti Airtel, Ltd.

849,948

75 bps + 1M LIBOR

1 M LIBOR

11/30/2017

(56,980)

Morgan Stanley

Hon Hai Precision Industry Co., Ltd.

(465,991)

50 bps - 1D FEDEF

1 D FEDEF

05/04/2017

(16,447)

Credit Suisse

Larsen & Toubro, Ltd.

628,131

75 bps + 1M LIBOR

1 M LIBOR

11/30/2017

(131,578)

Credit Suisse

Mahindra & Mahindra, Ltd.

188,355

75 bps + 1M LIBOR

1 M LIBOR

11/30/2017

(2,822)

Morgan Stanley

Mahindra & Mahindra, Ltd.

781,871

30 bps + 1D FEDEF

1 D FEDEF

12/27/2016

(102,630)

Credit Suisse

Shriram Transport Finance Co., Ltd.

890,059

75 bps + 1M LIBOR

1 M LIBOR

11/30/2017

(126,356)

Credit Suisse

Ultratech Cement, Ltd.

1,024,119

75 bps + 1M LIBOR

1 M LIBOR

11/30/2017

(32,921)

3,896,492

(469,734)

4,526,370

(241,397)

See Notes to the Financial Statements.

Annual Report | October 31, 2015

Clough Global Equity Fund

Statement of Investments

October 31, 2015


	Shares		Value

COMMON STOCKS 118.31%
Consumer Discretionary 31.04%
Diversified Consumer Services 3.15%
Service Corp. International ^(a)(b)		76,500		$2,161,890
Starbucks Corp. ^(a)(b)		99,800		6,244,486

				8,406,376


Household Durables 5.71%
DR Horton, Inc. ^(a)(b)		246,221		7,248,746
Lennar Corp. - Class A ^(a)(b)		159,400		7,981,158

				15,229,904


Internet & Catalog Retail 7.17%
JD.com, Inc. - ADR ^(a)(c)		95,700		2,643,234
Liberty Ventures - Series A ^(a)(b)(c)		220,703		9,616,030
NetFlix, Inc. ^(a)(c)		8,600		932,068
Priceline Group, Inc. ^(a)(c)		2,944		4,281,282
Rakuten, Inc.		118,100		1,651,560

				19,124,174


Media 10.96%
AMC Entertainment Holdings, Inc. - Class A ^(a)(b)		105,500		2,887,535
Comcast Corp. - Class A ^(a)(b)		91,700		5,742,254
IMAX Corp. ^(a)(b)(c)		154,495		5,931,063
Liberty Broadband Corp. - Class A ^(a)(b)(c)		22,092		1,205,340
Liberty Broadband Corp. - Class C ^(a)(b)(c)		83,866		4,509,475
Liberty Media Corp. - Class A ^(a)(b)(c)		88,368		3,601,880
Liberty Media Corp. - Class C ^(a)(b)(c)		90,936		3,560,144
Lions Gate Entertainment Corp. ^(a)		45,400		1,769,238

				29,206,929


Specialty Retail 2.08%
Signet Jewelers, Ltd. ^(a)(b)		36,746		5,546,441


Textiles 1.97%
Carter’s, Inc. ^(a)		51,900		4,716,672
Samsonite International S.A.		177,000		524,108

				5,240,780


TOTAL CONSUMER DISCRETIONARY				82,754,604


Consumer Staples 0.34%
CVS Health Corp. ^(a)		9,300		918,654


Energy 4.99%
Anadarko Petroleum Corp. ^(a)		32,900		2,200,352
Concho Resources, Inc. ^(a)(c)		20,800		2,410,928


	Shares		Value

Energy (continued)
Devon Energy Corp. ^(a)		43,900		$1,840,727
EOG Resources, Inc. ^(a)		18,800		1,613,980
Fairway Energy Partners LLC ^(c)(d)(e)		217,600		2,203,200
Pacific Coast Oil Trust ^(a)(e)		95,800		190,642
Pioneer Natural Resources Co. ^(a)		20,700		2,838,798

				13,298,627


Financials 31.12%
Capital Markets 4.69%
Atlas Mara, Ltd. ^(c)(e)		306,320		1,837,920
Daiwa Securities Group, Inc.		79,000		544,758
Goldman Sachs BDC ^(a)		53,000		1,060,530
Goldman Sachs Group, Inc. ^(a)		16,300		3,056,250
Monex Group, Inc.		485,300		1,375,425
Morgan Stanley ^(a)(b)		140,396		4,628,856

				12,503,739


Commercial Banks 1.50%
First Republic Bank ^(a)		24,700		1,613,157
Mitsubishi UFJ Financial Group, Inc.		144,300		945,418
Mizuho Financial Group, Inc.		450,000		933,413
Sumitomo Mitsui Financial Group, Ltd.		12,400		499,412

				3,991,400


Diversified Financials 10.10%
Bank of America Corp. ^(a)		662,905		11,123,546
Citigroup, Inc. ^(a)(b)		260,719		13,862,429
JPMorgan Chase & Co. ^(a)		30,300		1,946,775

				26,932,750


Insurance 3.32%
American International Group, Inc. ^(a)(b)		121,600		7,668,096
Ping An Insurance Group Co. of China, Ltd. - Class H		211,000		1,188,314

				8,856,410


Real Estate Investment Trusts 5.41%
Healthcare Trust of America, Inc. - Class A ^(a)		85,800		2,257,398
Ladder Capital Corp. ^(a)		118,800		1,694,088
PennyMac Mortgage Investment Trust ^(a)		177,788		2,599,261
Starwood Property Trust, Inc. ^(a)(b)		257,400		5,171,166
Two Harbors Investment Corp. ^(a)		318,757		2,696,684

				14,418,597


Thrifts & Mortgage Finance 6.10%
Essent Group, Ltd. ^(a)(b)(c)		196,200		4,728,420

www.cloughglobal.com

Clough Global Equity Fund

Statement of Investments

October 31, 2015


	Shares		Value

Financials (continued)
MGIC Investment Corp. ^(a)(b)(c)		602,565		$5,664,111
NMI Holdings, Inc. - Class A ^(a)(c)		177,200		1,332,544
Radian Group, Inc. ^(a)(b)		312,900		4,527,663

				16,252,738


TOTAL FINANCIALS				82,955,634


Health Care 15.03%
3SBio, Inc. ^(c)(e)		1,033,000		1,171,531
Acceleron Pharma, Inc. ^(a)(c)		23,200		724,072
Akorn, Inc. ^(a)(b)(c)		78,000		2,085,720
Albany Molecular Research, Inc. ^(a)(c)		75,600		1,363,824
Allergan PLC ^(a)(c)		5,200		1,604,044
AstraZeneca PLC - Sponsored ADR ^(a)		25,629		817,309
Bristol-Meyers Squibb Co. ^(a)		16,916		1,115,610
Cardiome Pharma Corp. ^(a)(c)		234,100		1,912,597
Cerner Corp. ^(a)(b)(c)		19,300		1,279,397
Cigna Corp. ^(a)		18,000		2,412,720
Community Health Systems, Inc. ^(a)(c)		10,500		294,420
Corindus Vascular Robotics, Inc. ^(a)(c)		233,200		746,240
Dynavax Technologies Corp. ^(a)(c)		30,400		690,384
Forward Pharma A/S - ADR ^(a)(c)		39,400		991,304
Gilead Sciences, Inc.		2,900		313,577
GW Pharmaceuticals PLC - ADR ^(a)(b)(c)		29,300		2,317,337
HCA Holdings, Inc. ^(a)(b)(c)		17,215		1,184,220
Healthways, Inc. ^(a)(c)		265,711		3,127,418
Hologic, Inc. ^(a)(b)(c)		33,300		1,294,038
Intra-Cellular Therapies, Inc. ^(a)(c)		42,300		2,024,055
Intrexon Corp. ^(a)(b)(c)		23,559		791,582
Jazz Pharmaceuticals PLC ^(a)(b)(c)		7,934		1,089,180
Keryx Biopharmaceuticals, Inc. ^(a)(c)		222,800		998,144
MedEquities Realty Trust, Inc. ^(d)(e)		51,100		830,375
Perrigo Co. PLC ^(a)		7,250		1,143,615
Sinopharm Group Co., Ltd. - Class H		394,400		1,633,453
Team Health Holdings, Inc. ^(a)(c)		10,200		608,634
Veracyte, Inc. ^(a)(b)(c)		203,535		1,325,013
Vertex Pharmaceuticals, Inc. ^(a)(b)(c)		28,700		3,580,038
Zeltiq Aesthetics, Inc. ^(c)		17,700		597,198

				40,067,049


Industrials 12.88%
Air China, Ltd. - Class H		568,000		548,902
Allison Transmission Holdings, Inc. ^(a)(e)		135,277		3,882,450


	Shares		Value

Industrials (continued)
Armstrong World Industries, Inc. ^(a)(c)		51,400		$2,550,468
China Railway Construction Corp., Ltd. - Class H		903,000		1,358,473
Kansas City Southern ^(a)(b)		55,600		4,601,456
Keisei Electric Railway Co., Ltd.		122,000		1,515,522
Mitsubishi Heavy Industries, Ltd.		205,000		1,043,263
Roper Technologies, Inc. ^(a)(b)		32,600		6,075,010
Seibu Holdings, Inc.		92,600		1,888,527
TransDigm Group, Inc. ^(a)(c)		25,700		5,650,145
Viasat, Inc. ^(a)(b)(c)		69,242		4,567,202
Wesco Aircraft Holdings, Inc. ^(a)(c)		8,600		107,156
Xinjiang Goldwind Science &
Technology Co., Ltd. - Class H		288,800		544,765

				34,333,339


Information Technology 12.54%
Alibaba Group Holding, Ltd. - Sponsored ADR ^(a)(c)		32,000		2,682,560
Alphabet, Inc. - Class A ^(a)(c)		4,083		3,010,763
Alphabet, Inc. - Class C ^(a)(c)		3,866		2,747,992
Baidu, Inc. - Sponsored ADR ^(c)		3,700		693,639
Electronics For Imaging, Inc. ^(a)(b)(c)		55,100		2,558,844
Facebook, Inc. - Class A ^(a)(b)(c)		58,000		5,914,260
Fujifilm Holdings Corp.		23,000		924,803
Lam Research Corp. ^(a)(b)		55,300		4,235,427
Microsoft Corp. ^(a)		28,800		1,516,032
Nintendo Co., Ltd.		6,800		1,097,738
Pandora Media, Inc. ^(a)(b)(c)		252,400		2,905,124
Salesforce.com, Inc. ^(a)(b)(c)		66,200		5,144,402

				33,431,584


Materials 3.85%
Axalta Coating Systems, Ltd. ^(a)(b)(c)		153,800		4,249,494
W.R. Grace & Co. ^(a)(b)(c)		60,000		6,018,000

				10,267,494


Telecommunication Services 4.15%
AT&T, Inc. ^(a)(b)		116,700		3,910,617
China Mobile, Ltd.		323,000		3,867,365
China Unicom Hong Kong, Ltd.		1,692,000		2,089,185
Nippon Telegraph & Telephone Corp.		31,800		1,182,190

				11,049,357

Annual Report | October 31, 2015

Clough Global Equity Fund

Statement of Investments

October 31, 2015


	Shares		Value

Utilities 2.37%
Calpine Corp. ^(a)(b)(c)		406,800		$6,309,468


TOTAL COMMON STOCKS (Cost $310,567,712)				315,385,810


EXCHANGE TRADED FUNDS 3.68%
iShares ^® China Large Cap ETF ^(a)		76,500		2,927,655
iShares ^® MSCI Japan Index ETF ^(a)		123,100		1,516,592
PowerShares ^® Deutsche Bank U.S. Dollar Index Bullish Fund ^(a)(b)(c)		27,900		704,475
Utilities Select Sector SPDR ^® ETF ^(a)		106,700		4,668,125

				9,816,847


TOTAL EXCHANGE TRADED FUNDS (Cost $9,954,943)				9,816,847


PARTICIPATION NOTES 2.65%
*Consumer Staples 1.39%*
Kweichow Moutai Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 12/09/2015 ^(c)		72,590		2,457,317
Shanghai Jahwa United Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 01/29/2016 ^(c)(d)		230,300		1,256,215

				3,713,532

*Industrials 1.26%*
Zhengzhou Yutong Bus Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 11/18/2015 ^(c)		965,500		3,350,021


TOTAL PARTICIPATION NOTES (Cost $7,147,310)				7,063,553


	Shares		Value

WARRANTS 0.01% ^(c)
Atlas Mara, Ltd., Strike price $11.50, Expires 12/17/2017 ^(e)		195,720		$24,465

TOTAL WARRANTS (Cost $1,957)				24,465


Description and Maturity Date	Principal Amount		Value

CORPORATE BONDS 1.68%
Citigroup, Inc.
Series N, Perpetual Maturity, 5.800% ^(a)(f)(g)		$1,900,000		1,890,500
Goldman Sachs Group, Inc.
Series M, Perpetual Maturity, 5.375% ^(a)(f)(g)		700,000		693,875
JPMorgan Chase & Co.
Series Z, Perpetual Maturity, 5.300% ^(a)(f)(g)		1,900,000		1,910,450


TOTAL CORPORATE BONDS (Cost $4,512,164)				4,494,825


ASSET/MORTGAGE BACKED SECURITIES 0.51%
Federal National Mortgage Association
Series AM8004, 02/01/2027, 2.720%		1,382,018		1,355,615


TOTAL ASSET/MORTGAGE BACKED SECURITIES (Cost $1,376,835)				1,355,615


GOVERNMENT & AGENCY OBLIGATIONS 9.10%
U.S. Treasury Bonds
08/15/2040, 3.875% ^(a)		8,800,000		10,429,091
08/15/2042, 2.750% ^(a)		6,000,000		5,821,560
U.S. Treasury Notes
09/15/2017, 1.000% ^(a)		3,000,000		3,015,702
09/30/2017, 0.625% ^(a)		5,000,000		4,990,380

TOTAL GOVERNMENT & AGENCY OBLIGATIONS (Cost $24,342,001)				24,256,733

www.cloughglobal.com

Clough Global Equity Fund

Statement of Investments

October 31, 2015


	Shares		Value

SHORT-TERM INVESTMENTS 15.02%
*Money Market Fund 15.02%*
BlackRock Liquidity Funds, T-Fund Portfolio - Institutional Class (0.010% 7-day yield)		40,031,659		$40,031,659


TOTAL SHORT-TERM INVESTMENTS (Cost $40,031,659)				40,031,659


Total Investments - 150.96% (Cost $ 397,934,581)				402,429,507

Liabilities in Excess of Other Assets - (50.96%) ^(h)				(135,853,860)


NET ASSETS - 100.00%				$266,575,647


SCHEDULE OF SECURITIES SOLD SHORT ^(c)	Shares		Value

COMMON STOCKS (40.94%)
*Consumer Discretionary (2.05%)*
Hotels (0.70%)
MGM Resorts International		(31,800)		$(737,442)
Wynn Resorts, Ltd.		(16,100)		(1,126,195)

				(1,863,637)

Internet & Catalog Retail (1.35%)
Expedia, Inc.		(26,400)		(3,598,320)


TOTAL CONSUMER DISCRETIONARY				(5,461,957)


Consumer Staples (0.23%)
Carlsberg A/S - Class B		(7,480)		(613,191)


Energy (6.45%)
Cheniere Energy, Inc.		(13,400)		(663,568)
Core Laboratories NV		(13,700)		(1,593,721)
Ensco PLC - Class A		(175,100)		(2,911,913)
Helmerich & Payne, Inc.		(29,400)		(1,654,338)
Nabors Industries, Ltd.		(102,600)		(1,030,104)
National Oilwell Varco, Inc.		(20,300)		(764,092)
Oil States International, Inc.		(48,500)		(1,455,485)
Patterson-UTI Energy, Inc.		(73,900)		(1,100,371)
Petroleo Brasileiro S.A. - Sponsored ADR		(547,000)		(2,669,360)
Rowan Cos., PLC - A Shares		(59,700)		(1,174,896)
Transocean, Ltd.		(137,000)		(2,168,710)

				(17,186,558)


Financials (9.25%)
Commercial Banks (6.77%)
Banco Bilbao Vizcaya Argentaria S.A. - Sponsored ADR		(258,400)		(2,227,408)


SCHEDULE OF SECURITIES SOLD SHORT ^(c) (continued)	Shares		Value

Financials (continued)
Banco Santander S.A. - Sponsored ADR		(331,600)		$(1,837,064)
BNP Paribas S.A.		(52,418)		(3,185,268)
Intesa Sanpaolo SpA		(876,174)		(3,052,320)
Itau Unibanco Holding S.A. - Class H, Sponsored Preferred ADR		(440,600)		(3,018,110)
Seven Bank, Ltd.		(340,000)		(1,560,951)
UniCredit SpA		(293,451)		(1,897,438)
United Overseas Bank, Ltd.		(87,000)		(1,262,553)

				(18,041,112)

Consumer Finance (1.95%)
Ally Financial, Inc.		(44,900)		(894,408)
American Express Co.		(58,900)		(4,315,014)

				(5,209,422)

Real Estate Management & Development (0.53%)
China Resources Land, Ltd.		(542,000)		(1,416,084)


TOTAL FINANCIALS				(24,666,618)


Health Care (6.37%)
AbbVie, Inc.		(19,000)		(1,131,450)
Aetna, Inc.		(5,900)		(677,202)
AmerisourceBergen Corp.		(10,800)		(1,042,308)
ANI Pharmaceuticals, Inc.		(56,000)		(2,343,040)
Bruker Corp.		(87,900)		(1,614,723)
Eagle Pharmaceuticals, Inc.		(22,900)		(1,458,959)
Express Scripts Holding Co.		(18,100)		(1,563,478)
Horizon Pharma PLC		(20,500)		(322,260)
Lannett Co., Inc.		(11,500)		(514,855)
Mallinckrodt PLC		(15,200)		(998,184)
Merck & Co., Inc.		(17,800)		(972,948)
Pacira Pharmaceuticals, Inc.		(8,000)		(399,600)
Teligent, Inc.		(97,100)		(705,917)
UnitedHealth Group, Inc.		(17,500)		(2,061,150)
Varian Medical Systems, Inc.		(14,800)		(1,162,244)

				(16,968,318)


Industrials (13.30%)
American Airlines Group, Inc.		(45,917)		(2,122,284)
Caterpillar, Inc.		(64,000)		(4,671,360)
Chicago Bridge & Iron Co.		(105,900)		(4,751,733)
Deutsche Lufthansa AG		(117,348)		(1,733,031)
easyJet PLC		(70,640)		(1,905,728)
Emerson Electric Co., Inc.		(32,100)		(1,516,083)
Flowserve Corp.		(84,600)		(3,922,056)
International Consolidated Airlines Group S.A.		(181,984)		(1,634,185)
Keppel Corp., Ltd.		(232,100)		(1,173,009)
Kone OYJ, B Shares		(35,708)		(1,525,889)
Kuehne + Nagel International AG		(11,700)		(1,622,813)

Annual Report | October 31, 2015

Clough Global Equity Fund

Statement of Investments

October 31, 2015


SCHEDULE OF SECURITIES SOLD SHORT ^(c) (continued)	Shares		Value

Industrials (continued)
Metso OYJ		(58,353)		$(1,429,019)
Pentair PLC		(26,500)		(1,481,880)
Rolls-Royce Holdings Entitlement - C Shares ^(d)		(649)		(1)
Rolls-Royce Holdings PLC		(7)		(74)
Rolls-Royce Holdings Preference - C Shares ^(d)		(508)		(1)
Sandvik AB		(229,734)		(2,148,492)
Triumph Group, Inc.		(18,400)		(857,072)
WW Grainger, Inc.		(14,100)		(2,961,000)

				(35,455,710)


Information Technology (3.29%)
Corning, Inc.		(80,800)		(1,502,880)
International Business Machines Corp.		(19,510)		(2,732,961)
Nippon Electric Glass Co., Ltd.		(305,000)		(1,508,950)
Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR		(138,300)		(3,037,068)

				(8,781,859)


TOTAL COMMON STOCKS (Proceeds $103,284,713)				(109,134,211)


EXCHANGE TRADED FUNDS (21.55%)
Health Care Select Sector SPDR ^® Fund		(60,500)		(4,316,070)
iShares ^® MSCI Brazil Capped ETF		(421,700)		(9,644,279)
iShares ^® MSCI Emerging Markets ETF		(135,651)		(4,730,150)
iShares ^® MSCI South Korea Capped ETF		(27,700)		(1,506,326)
iShares ^® Nasdaq Biotechnology ETF		(6,378)		(2,075,784)
iShares ^® Russell 2000 ^® ETF		(98,600)		(11,372,524)
Market Vectors ^® Oil Service ETF		(100,700)		(3,078,399)
Market Vectors ^® Semiconductor ETF		(28,200)		(1,528,722)
SPDR ^® S&P 500 ^® ETF Trust		(92,250)		(19,181,543)


TOTAL EXCHANGE TRADED FUNDS (Proceeds $55,729,917)				(57,433,797)


SCHEDULE OF SECURITIES SOLD SHORT ^(c) (continued)	Shares		Value

PREFERRED STOCKS (0.45%)
*Financials (0.45%)*
Commercial Banks (0.45%)
Banco Bradesco S.A. - ADR		(219,100)		(1,191,904)


TOTAL PREFERRED STOCKS (Proceeds $ 1,234,180)				$(1,191,904)


TOTAL SECURITIES SOLD SHORT (Proceeds $ 160,248,810)				$(167,759,912)

^(a)

Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of October 31, 2015, the aggregate market value of those securities was $315,265,121 representing 118.26% of net assets. (See Note 1 and Note 6)

^(b)

Loaned security; a portion or all of the security is on loan as of October 31, 2015.

^(c)

Non-income producing security.

^(d)

^(e)

^(f)

Floating or variable rate security - rate disclosed as of October 31, 2015.

^(g)

This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

^(h)

Includes cash which is being held as collateral for total return swap contracts or futures contracts.

www.cloughglobal.com

Clough Global Equity Fund

Statement of Investments

October 31, 2015

FUTURES CONTRACTS


Description	Position	Contracts	Expiration Date		Underlying Face Amount at Value		Unrealized Appreciation

Foreign Currency Contracts
Japanese Yen Currency Future	Short	87		12/15/2015	$	(9,013,200)	$	17,108

					$	(9,013,200)	$	17,108

TOTAL RETURN SWAP CONTRACTS

Counter Party

Reference

Entity/Obligation

Notional
Amount

Floating Rate
Paid by the Fund

Floating

Rate Index

Termination

Date

Net Unrealized

Appreciation

Morgan Stanley

Bharti Infratel, Ltd.

875,103

30 bps + 1D FEDEF

1 D FEDEF

12/27/2016

276,521

Morgan Stanley

Housing Development Finance Corp.

1,102,791

30 bps + 1D FEDEF

1 D FEDEF

12/27/2016

60,292

Morgan Stanley

LG Electronics, Inc.

(1,168,889)

50 bps - 1D FEDEF

1 D FEDEF

10/30/2017

6,046

Morgan Stanley

Zhengzhou Yutong Bus Co., Ltd.

182,252

55 bps + 1D FEDEF

1 D FEDEF

01/05/2017

21,421

991,257

364,280

Counter Party

Reference

Entity/Obligation

Notional
Amount

Floating Rate
Paid by the Fund

Floating
Rate Index

Termination

Date

Net Unrealized

Depreciation

Credit Suisse

Adani Ports

1,596,390

75 bps + 1M LIBOR

1 M LIBOR

11/30/2017

(179,273)

Credit Suisse

Bharti Airtel, Ltd.

1,408,630

75 bps + 1M LIBOR

1 M LIBOR

11/30/2017

(94,435)

Morgan Stanley

Hon Hai Precision Industry Co., Ltd.

(773,927)

50 bps - 1D FEDEF

1 D FEDEF

05/04/2017

(27,290)

Credit Suisse

Larsen & Toubro, Ltd.

1,024,076

75 bps + 1M LIBOR

1 M LIBOR

11/30/2017

(214,478)

Credit Suisse

Mahindra & Mahindra, Ltd.

314,221

75 bps + 1M LIBOR

1 M LIBOR

11/30/2017

(4,850)

Morgan Stanley

Mahindra & Mahindra, Ltd.

1,291,778

30 bps + 1D FEDEF

1 D FEDEF

12/27/2016

(169,745)

Credit Suisse

Shriram Transport Finance Co., Ltd.

1,477,744

75 bps + 1M LIBOR

1 M LIBOR

11/30/2017

(208,895)

Credit Suisse

Ultratech Cement, Ltd.

1,703,882

75 bps + 1M LIBOR

1 M LIBOR

11/30/2017

(54,991)

8,042,794

(953,957)

9,034,051

(589,677)

See Notes to the Financial Statements.

Annual Report | October 31, 2015

Clough Global Opportunities Fund

Statement of Investments

October 31, 2015


	Shares		Value

COMMON STOCKS 109.91%
Consumer Discretionary 28.55%
Diversified Consumer Services 3.17%
Service Corp. International ^(a)		193,700		$5,473,962
Starbucks Corp. ^(a)(b)		249,700		15,623,729

				21,097,691


Household Durables 5.70%
DR Horton, Inc. ^(a)(b)		613,462		18,060,321
Lennar Corp. - Class A ^(a)(b)		397,700		19,912,839

				37,973,160


Internet & Catalog Retail 6.68%
JD.com, Inc. - ADR ^(a)(c)		237,900		6,570,798
Liberty Ventures - Series A ^(a)(b)(c)		481,471		20,977,692
NetFlix, Inc. ^(a)(c)		21,200		2,297,656
Priceline Group, Inc. ^(a)(c)		7,289		10,599,955
Rakuten, Inc.		293,500		4,104,427

				44,550,528


Media 10.08%
AMC Entertainment Holdings, Inc. - Class A ^(a)		266,600		7,296,842
Comcast Corp. - Class A ^(a)(b)		229,000		14,339,980
IMAX Corp. ^(a)(c)		286,900		11,014,091
Liberty Broadband Corp. - Class A ^(a)(b)(c)		52,014		2,837,884
Liberty Broadband Corp. - Class C ^(a)(b)(c)		203,467		10,940,421
Liberty Media Corp. - Class A ^(a)(b)(c)		208,056		8,480,362
Liberty Media Corp. - Class C ^(a)(b)(c)		201,912		7,904,855
Lions Gate Entertainment Corp. ^(a)(b)		113,100		4,407,507

				67,221,942


Specialty Retail 2.07%
Signet Jewelers, Ltd. ^(a)(b)		91,446		13,802,859


Textiles 0.85%
Carter’s, Inc. ^(a)		48,100		4,371,328
Samsonite International S.A.		440,400		1,304,052

				5,675,380

TOTAL CONSUMER DISCRETIONARY				190,321,560


Consumer Staples 0.35%
CVS Health Corp. ^(a)		23,300		2,301,574


	Shares		Value

Energy 4.88%
Anadarko Petroleum Corp. ^(a)(b)		82,000		$5,484,160
Concho Resources, Inc. ^(a)(c)		51,600		5,980,956
Devon Energy Corp. ^(a)(b)		109,200		4,578,756
EOG Resources, Inc. ^(a)		46,800		4,017,780
Fairway Energy Partners LLC ^(c)(d)(e)		536,000		5,427,000
Pioneer Natural Resources Co.		51,230		7,025,682

				32,514,334


Financials 28.29%
Business Development Corporations 0.54%
Golub Capital BDC, Inc. ^(a)		220,900		3,616,133


Capital Markets 3.78%
Atlas Mara, Ltd. ^(c)(e)		764,522		4,587,132
Daiwa Securities Group, Inc.		195,000		1,344,655
Goldman Sachs Group, Inc. ^(a)		40,700		7,631,250
Morgan Stanley ^(a)(b)		353,213		11,645,433

				25,208,470


Commercial Banks 1.48%
First Republic Bank ^(a)		61,300		4,003,503
Mitsubishi UFJ Financial Group, Inc.		356,100		2,333,079
Mizuho Financial Group, Inc.		1,110,600		2,303,664
Sumitomo Mitsui Financial
Group, Ltd.		31,100		1,252,557

				9,892,803


Diversified Financials 10.10%
Bank of America Corp. ^(a)(b)		1,641,710		27,547,894
Citigroup, Inc. ^(a)(b)		657,125		34,939,336
JPMorgan Chase & Co. ^(a)		75,200		4,831,600

				67,318,830


Insurance 3.40%
American International Group, Inc. ^(a)(b)		313,000		19,737,780
Ping An Insurance Group Co. of China, Ltd. - Class H		521,000		2,934,179

				22,671,959


Real Estate Investment Trusts 5.19%
Healthcare Trust of America, Inc. - Class A ^(a)		212,600		5,593,506
Ladder Capital Corp. ^(a)		208,196		2,968,875
PennyMac Mortgage Investment Trust ^(a)		442,791		6,473,605
Starwood Property Trust, Inc. ^(a)		638,000		12,817,420

www.cloughglobal.com

Clough Global Opportunities Fund

Statement of Investments

October 31, 2015


	Shares		Value

Financials (continued)
Two Harbors Investment Corp. ^(a)		792,822		$6,707,274

				34,560,680


Thrifts & Mortgage Finance 3.80%
MGIC Investment Corp. ^(a)(b)(c)		1,503,731		14,135,071
Radian Group, Inc. ^(a)(b)		772,400		11,176,628

				25,311,699


TOTAL FINANCIALS				188,580,574


Health Care 14.02%
3SBio, Inc. ^(c)(e)		14,500		16,445
Acceleron Pharma, Inc. ^(a)(b)(c)		57,496		1,794,450
Akorn, Inc. ^(a)(b)(c)		169,600		4,535,104
Albany Molecular Research, Inc. ^(a)(c)		189,700		3,422,188
Allergan PLC ^(c)		12,700		3,917,569
AstraZeneca PLC - Sponsored ADR ^(a)		63,824		2,035,347
Bristol-Meyers Squibb Co. ^(a)		41,700		2,750,115
Cardiome Pharma Corp. ^(a)(c)		576,400		4,709,188
Cerner Corp. ^(a)(b)(c)		48,000		3,181,920
Cigna Corp. ^(a)		44,600		5,978,184
Community Health Systems, Inc. ^(a)(c)		25,500		715,020
Corindus Vascular Robotics, Inc. ^(a)(c)		577,300		1,847,360
Dynavax Technologies Corp. ^(a)(c)		75,799		1,721,395
Forward Pharma A/S - ADR ^(a)(b)(c)		98,100		2,468,196
Gilead Sciences, Inc.		6,900		746,097
GW Pharmaceuticals PLC - ADR ^(a)(b)(c)		72,400		5,726,116
HCA Holdings, Inc. ^(a)(b)(c)		42,847		2,947,445
Healthways, Inc. ^(a)(b)(c)		669,633		7,881,581
Hologic, Inc. ^(a)(b)(c)		83,100		3,229,266
Intra-Cellular Therapies, Inc. ^(a)(c)		105,300		5,038,605
Intrexon Corp. ^(a)(b)(c)		59,372		1,994,899
Jazz Pharmaceuticals PLC ^(a)(b)(c)		19,823		2,721,302
Keryx Biopharmaceuticals, Inc. ^(a)(c)		549,800		2,463,104
Perrigo Co. PLC ^(a)		17,914		2,825,754
Sinopharm Group Co., Ltd. - Class H		972,800		4,028,963
Team Health Holdings, Inc. ^(a)(c)		25,100		1,497,717
Veracyte, Inc. ^(a)(b)(c)		449,326		2,925,112
Vertex Pharmaceuticals, Inc. ^(a)(c)		71,200		8,881,488
Zeltiq Aesthetics, Inc. ^(c)		43,800		1,477,812

				93,477,742


Industrials 12.66%
Air China, Ltd. - Class H		1,402,000		1,354,860


	Shares		Value

Industrials (continued)
Allison Transmission Holdings, Inc. ^(a)(e)		337,510		$9,686,537
Armstrong World Industries, Inc. ^(a)(b)(c)		128,900		6,396,018
China Railway Construction Corp., Ltd. - Class H		2,236,000		3,363,838
Kansas City Southern ^(a)(b)		137,400		11,371,224
Keisei Electric Railway Co., Ltd.		302,000		3,751,537
Mitsubishi Heavy Industries, Ltd.		527,000		2,681,948
Roper Technologies, Inc. ^(a)(b)		80,500		15,001,175
Seibu Holdings, Inc.		229,700		4,684,608
TransDigm Group, Inc. ^(a)(c)		63,900		14,048,415
Viasat, Inc. ^(a)(b)(c)		158,435		10,450,373
Wesco Aircraft Holdings, Inc. ^(a)(c)		21,700		270,382
Xinjiang Goldwind Science & Technology Co., Ltd. - Class H		713,000		1,344,936

				84,405,851


Information Technology 10.86%
Alibaba Group Holding, Ltd. - Sponsored ADR ^(a)(b)(c)		79,100		6,630,953
Alphabet, Inc. - Class A ^(a)(b)(c)		10,677		7,873,113
Alphabet, Inc. - Class C ^(a)(b)(c)		9,563		6,797,476
Baidu, Inc. - Sponsored ADR ^(a)(c)		9,000		1,687,230
Facebook, Inc. - Class A ^(a)(b)(c)		142,270		14,507,272
Fujifilm Holdings Corp.		57,200		2,299,945
Lam Research Corp. ^(a)(b)		125,700		9,627,363
Microsoft Corp. ^(a)		69,800		3,674,272
Nintendo Co., Ltd.		17,400		2,808,917
Pandora Media, Inc. ^(a)(b)(c)		310,100		3,569,251
Salesforce.com, Inc. ^(a)(b)(c)		166,000		12,899,860

				72,375,652


Materials 3.85%
Axalta Coating Systems, Ltd. ^(a)(b)(c)		384,800		10,632,024
W.R. Grace & Co. ^(a)(b)(c)		149,700		15,014,910

				25,646,934


Telecommunication Services 4.10%
AT&T, Inc. ^(a)(b)		289,100		9,687,741
China Mobile, Ltd.		798,000		9,554,667
China Unicom Hong Kong, Ltd.		4,152,000		5,126,653

Annual Report | October 31, 2015

Clough Global Opportunities Fund

Statement of Investments

October 31, 2015


	Shares		Value

Telecommunication Services (continued)
Nippon Telegraph & Telephone Corp.		80,200		$2,981,497

				27,350,558


Utilities 2.35%
Calpine Corp. ^(a)(b)(c)		1,010,000		15,665,100


TOTAL COMMON STOCKS (Cost $741,498,899)				732,639,879


EXCHANGE TRADED FUNDS 3.64%
iShares ^® China Large Cap ETF ^(a)		188,808		7,225,682
iShares ^® MSCI Japan Index ETF ^(a)		299,300		3,687,376
PowerShares ^® Deutsche Bank U.S. Dollar Index Bullish Fund ^(a)(b)(c)		69,304		1,749,926
Utilities Select Sector SPDR ^® ETF ^(a)(b)		264,500		11,571,875

				24,234,859


TOTAL EXCHANGE TRADED FUNDS (Cost $24,572,410)				24,234,859


PARTICIPATION NOTES 2.62%
*Consumer Staples 1.38%*
Kweichow Moutai Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 12/09/2015 ^(c)		179,210		6,066,617
Shanghai Jahwa United Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 01/29/2016 ^(c)(d)		571,400		3,116,809

				9,183,426


*Industrials 1.24%*
Zhengzhou Yutong Bus Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 11/18/2015 ^(c)		2,385,611		8,277,419


TOTAL PARTICIPATION NOTES (Cost $17,665,889)				17,460,845


	Shares		Value

WARRANTS 0.01% ^(c)
Atlas Mara, Ltd., Strike price $11.50, Expires 12/17/2017 ^(e)		487,322		$60,916


TOTAL WARRANTS (Cost $4,873)				60,916


Description and Maturity Date	Principal Amount		Value

CORPORATE BONDS 6.67%
American Express Co.
Series C, Perpetual Maturity, 4.900% ^(a)(f)(g)	$	3,700,000		3,593,625
Bank of America Corp.
Series AA, Perpetual Maturity, 6.100% ^(a)(f)(g)		4,800,000		4,860,000
Bank of New York Mellon Corp.
Series D, Perpetual Maturity, 4.500% ^(a)(f)(g)		2,800,000		2,611,000
Berkshire Hathaway Energy Co.
11/15/2018, 2.000% ^(a)		4,000,000		4,007,472
Citigroup, Inc.
Series N, Perpetual Maturity, 5.800% ^(a)(f)(g)		4,800,000		4,776,000
Series P, Perpetual Maturity, 5.950% ^(a)(f)(g)		5,600,000		5,411,000
Citizens Financial Group, Inc.
Perpetual Maturity, 5.500% ^(a)(e)(f)(g)		3,825,000		3,767,625
Goldman Sachs Group, Inc.
Series M, Perpetual Maturity, 5.375% ^(a)(f)(g)		4,600,000		4,559,750
JPMorgan Chase & Co.
Series Z, Perpetual Maturity, 5.300% ^(a)(f)(g)		4,800,000		4,826,400
Textron Financial Corp.
02/15/2067, 6.000% ^(a)(e)(f)		8,200,000		6,088,500


TOTAL CORPORATE BONDS (Cost $46,044,546)				44,501,372


ASSET/MORTGAGE BACKED SECURITIES 4.14%
Federal National Mortgage Association
Series AM8004, 02/01/2027, 2.720%		3,455,045		3,389,036
Government National Mortgage Association
Series 2014-155, Class VA, 03/16/2037, 3.000% ^(a)		3,856,177		3,973,231

www.cloughglobal.com

Clough Global Opportunities Fund

Statement of Investments

October 31, 2015


Description and Maturity Date	Principal Amount			Value

ASSET/MORTGAGE BACKED SECURITIES (continued)
Series 2012-19, Class AC, 03/16/2039, 2.274% ^(a)		$4,000,000			$4,045,702
Series 2014-86, Class A, 11/16/2040, 2.650% ^(a)		2,827,292			2,884,943
Series 2015-75, Class A, 02/16/2044, 3.000% ^(a)		3,968,760			4,103,674
Series 2015-22, Class A, 08/16/2047, 2.400%		3,743,934			3,780,252
Series 2015-2, Class VA, 12/16/2049, 2.500%		5,411,474			5,397,497


TOTAL ASSET/MORTGAGE BACKED SECURITIES (Cost $27,753,468)					27,574,335


GOVERNMENT & AGENCY OBLIGATIONS 12.45%
U.S. Treasury Bonds
08/15/2040, 3.875% ^(a)		22,000,000			26,072,728
02/15/2042, 3.125% ^(a)		8,000,000			8,390,576
08/15/2042, 2.750% ^(a)		16,000,000			15,524,160
U.S. Treasury Notes
09/15/2017, 1.000% ^(a)		8,000,000			8,041,872
09/30/2017, 0.625% ^(a)		25,000,000			24,951,900


TOTAL GOVERNMENT & AGENCY OBLIGATIONS (Cost $83,360,494)					82,981,236


	Shares			Value

SHORT-TERM INVESTMENTS 12.08%
Money Market Fund 12.08%
BlackRock Liquidity Funds, T-Fund Portfolio - Institutional Class (0.010% 7-day yield)		80,547,764			80,547,764


TOTAL SHORT-TERM INVESTMENTS (Cost $80,547,764)					80,547,764


Total Investments - 151.52% (Cost $1,021,448,343)					1,010,001,206

Liabilities in Excess of Other Assets - (51.52%) ^(h)					(343,412,851	)


NET ASSETS - 100.00%					$666,588,355


SCHEDULE OF SECURITIES SOLD SHORT ^(c)	Shares			Value

COMMON STOCKS (40.60%)
Consumer Discretionary (1.97%)
Hotels (0.71%)
MGM Resorts International		(79,322	)		$(1,839,477	)


SCHEDULE OF SECURITIES SOLD SHORT ^(c) (continued)	Shares			Value

Consumer Discretionary (continued)
Wynn Resorts, Ltd.		(40,800	)		$(2,853,960)

					(4,693,437)

Internet & Catalog Retail (1.26%)
Expedia, Inc.		(61,700	)		(8,409,710)


TOTAL CONSUMER DISCRETIONARY					(13,103,147)


Consumer Staples (0.23%)
Carlsberg A/S - Class B		(18,345	)		(1,503,877)


Energy (6.45%)
Cheniere Energy, Inc.		(33,100	)		(1,639,112)
Core Laboratories NV		(34,300	)		(3,990,119)
Ensco PLC - Class A		(438,100	)		(7,285,603)
Helmerich & Payne, Inc.		(75,500	)		(4,248,385)
Nabors Industries, Ltd.		(257,800	)		(2,588,312)
National Oilwell Varco, Inc.		(50,300	)		(1,893,292)
Oil States International, Inc.		(121,400	)		(3,643,214)
Patterson-UTI Energy, Inc.		(185,600	)		(2,763,584)
Petroleo Brasileiro S.A. - Sponsored ADR		(1,357,100	)		(6,622,648)
Rowan Cos., PLC - A Shares		(148,202	)		(2,916,615)
Transocean, Ltd.		(341,300	)		(5,402,779)

					(42,993,663)


Financials (9.20%)
Commercial Banks (6.73%)
Banco Bilbao Vizcaya Argentaria S.A. - Sponsored ADR		(642,295	)		(5,536,583)
Banco Santander S.A. - Sponsored ADR		(824,900	)		(4,569,946)
BNP Paribas S.A.		(130,317	)		(7,918,931)
Intesa Sanpaolo SpA		(2,178,293	)		(7,588,502)
Itau Unibanco Holding S.A. - Class H, Sponsored Preferred ADR		(1,092,060	)		(7,480,611)
Seven Bank, Ltd.		(849,600	)		(3,900,542)
UniCredit SpA		(729,562	)		(4,717,307)
United Overseas Bank, Ltd.		(217,000	)		(3,149,125)

					(44,861,547)

Consumer Finance (1.95%)
Ally Financial, Inc.		(111,000	)		(2,211,120)
American Express Co.		(147,134	)		(10,779,037)

					(12,990,157)

Real Estate Management & Development (0.52%)
China Resources Land, Ltd.		(1,332,000	)		(3,480,118)


TOTAL FINANCIALS					(61,331,822)

Annual Report | October 31, 2015

Clough Global Opportunities Fund

Statement of Investments

October 31, 2015


SCHEDULE OF SECURITIES SOLD SHORT ^(c) (continued)	Shares			Value

Health Care (6.29%)
AbbVie, Inc.		(46,000	)		$(2,739,300)
Aetna, Inc.		(14,814	)		(1,700,351)
AmerisourceBergen Corp.		(26,800	)		(2,586,468)
ANI Pharmaceuticals, Inc.		(138,600	)		(5,799,024)
Bruker Corp.		(218,900	)		(4,021,193)
Eagle Pharmaceuticals, Inc.		(56,100	)		(3,574,131)
Express Scripts Holding Co.		(45,200	)		(3,904,376)
Horizon Pharma PLC		(50,100	)		(787,572)
Lannett Co., Inc.		(28,100	)		(1,258,037)
Mallinckrodt PLC		(37,100	)		(2,436,357)
Merck & Co., Inc.		(44,500	)		(2,432,370)
Pacira Pharmaceuticals, Inc.		(19,400	)		(969,030)
Teligent, Inc.		(235,200	)		(1,709,904)
UnitedHealth Group, Inc.		(43,500	)		(5,123,430)
Varian Medical Systems, Inc.		(36,900	)		(2,897,757)

					(41,939,300)


Industrials (13.20%)
American Airlines Group, Inc.		(114,580	)		(5,295,888)
Caterpillar, Inc.		(158,000	)		(11,532,420)
Chicago Bridge & Iron Co. NV		(263,300	)		(11,814,271)
Deutsche Lufthansa AG		(292,237	)		(4,315,845)
easyJet PLC		(176,523	)		(4,762,243)
Emerson Electric Co., Inc.		(78,800	)		(3,721,724)
Flowserve Corp.		(210,900	)		(9,777,324)
International Consolidated
Airlines Group S.A.		(453,177	)		(4,069,452)
Keppel Corp., Ltd.		(573,000	)		(2,895,881)
Kone OYJ, B Shares		(86,816	)		(3,709,857)
Kuehne + Nagel International AG		(29,100	)		(4,036,228)
Metso OYJ		(144,970	)		(3,550,201)
Pentair PLC		(64,900	)		(3,629,208)
Rolls-Royce Holdings Entitlement - C Shares ^(d)		(1,761	)		(3)
Rolls-Royce Holdings PLC		(19	)		(201)
Rolls-Royce Holdings Preference - C Shares ^(d)		(1,258	)		(2)
Sandvik AB		(570,868	)		(5,338,806)
Triumph Group, Inc.		(45,800	)		(2,133,364)
WW Grainger, Inc.		(35,200	)		(7,392,000)

					(87,974,918)


Information Technology (3.26%)
Corning, Inc.		(199,400	)		(3,708,840)
International Business Machines Corp.		(48,340	)		(6,771,467)
Nippon Electric Glass Co., Ltd.		(758,000	)		(3,750,112)


SCHEDULE OF SECURITIES SOLD SHORT ^(c) (continued)	Shares			Value

Information Technology (continued)
Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR		(342,400	)		$(7,519,104)

					(21,749,523)


TOTAL COMMON STOCKS (Proceeds $257,021,647)					(270,596,250)


EXCHANGE TRADED FUNDS (19.19%)
Health Care Select Sector SPDR ^® Fund		(151,600	)		(10,815,144)
iShares ^® MSCI Brazil Capped ETF		(314,100	)		(7,183,467)
iShares ^® MSCI Emerging Markets ETF		(336,865	)		(11,746,483)
iShares ^® MSCI South Korea Capped ETF		(68,700	)		(3,735,906)
iShares ^® Nasdaq Biotechnology ETF		(15,708	)		(5,112,326)
iShares ^® Russell 2000 ^® ETF		(242,300	)		(27,946,882)
Market Vectors ^® Oil Service ETF		(249,100	)		(7,614,987)
Market Vectors ^® Semiconductor ETF		(69,600	)		(3,773,016)
SPDR ^® S&P 500 ^® ETF Trust		(240,550	)		(50,017,561)


TOTAL EXCHANGE TRADED FUNDS (Proceeds $121,147,155)					(127,945,772)


PREFERRED STOCKS (0.44%)
Financials (0.44%)
Commercial Banks (0.44%)
Banco Bradesco S.A. - ADR		(539,100	)		(2,932,704)


TOTAL PREFERRED STOCKS (Proceeds $3,036,400)					(2,932,704)


TOTAL SECURITIES SOLD SHORT (Proceeds $381,205,202)					$(401,474,726)

^(a)

Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of October 31, 2015, the aggregate market value of those securities was $782,851,931 representing 117.44% of net assets. (See Note 1 and Note 6)

^(b)

Loaned security; a portion or all of the security is on loan as of October 31, 2015.

^(c)

Non-income producing security.

^(d)

www.cloughglobal.com

Clough Global Opportunities Fund

Statement of Investments

October 31, 2015

^(e)

^(f)

Floating or variable rate security - rate disclosed as of October 31, 2015.

^(g)

This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

^(h)

Includes cash which is being held as collateral for total return swap contracts or futures contracts.

FUTURES CONTRACTS


Description	Position	Contracts	Expiration Date	Underlying Face Amount at Value			Unrealized Appreciation
Foreign Currency Contracts
Japanese Yen Currency Future	Short	221	12/15/2015	$	(22,895,600	)	$	43,457

				$	(22,895,600	)	$	43,457

TOTAL RETURN SWAP CONTRACTS


Counter Party	Reference Entity/Obligation	Notional Amount		Floating Rate Paid by the Fund		Floating Rate Index		Termination Date	Net Unrealized Appreciation

Morgan Stanley	Bharti Infratel, Ltd.	$	2,303,178		30 bps + 1D FEDEF		1 D FEDEF	12/27/2016	$	746,762
Morgan Stanley	Housing Development Finance Corp.		2,767,835		30 bps + 1D FEDEF		1 D FEDEF	12/27/2016		153,147
Morgan Stanley	LG Electronics, Inc.		(2,878,931)		50 bps - 1D FEDEF		1 D FEDEF	10/30/2017		14,890
Morgan Stanley	Zhengzhou Yutong Bus Co., Ltd.		450,817		55 bps + 1D FEDEF		1 D FEDEF	01/05/2017		52,987

		$	2,642,899						$	967,786


Counter Party	Reference Entity/Obligation	Notional Amount		Floating Rate Paid by the Fund		Floating Rate Index		Termination Date	Net Unrealized Depreciation

Credit Suisse	Bharti Airtel, Ltd.	$	3,515,155		75 bps + 1M LIBOR		1 M LIBOR	11/30/2017	$	(235,655	)
Morgan Stanley	Hon Hai Precision Industry Co., Ltd.		(1,944,975)		50 bps - 1D FEDEF		1 D FEDEF	05/04/2017		(68,138	)
Credit Suisse	Larsen & Toubro, Ltd.		2,538,839		75 bps + 1M LIBOR		1 M LIBOR	11/30/2017		(531,038	)
Credit Suisse	Mahindra & Mahindra, Ltd.		779,669		75 bps + 1M LIBOR		1 M LIBOR	11/30/2017		(11,710	)
Morgan Stanley	Mahindra & Mahindra, Ltd.		3,220,781		30 bps + 1D FEDEF		1 D FEDEF	12/27/2016		(423,268	)
Credit Suisse	Shriram Transport Finance Co., Ltd.		3,670,385		75 bps + 1M LIBOR		1 M LIBOR	11/30/2017		(520,510	)
Credit Suisse	Ultratech Cement, Ltd.		4,196,269		75 bps + 1M LIBOR		1 M LIBOR	11/30/2017		(136,252	)

		$	15,976,123						$	(1,926,571	)

		$	18,619,022						$	(958,785	)

See Notes to the Financial Statements.

Annual Report | October 31, 2015

Clough Global Funds

Statement of Investments

October 31, 2015

Abbreviations:

1D FEDEF - Federal Funds Effective Rate (Daily)

AB - Aktiebolag is the Swedish equivalent of the term corporation

ADR - American Depositary Receipt

AG - Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders

A/S - Aktieselskab, Joint Stock Company in Denmark

bps - Basis Points

ETF - Exchange Traded Fund

1M LIBOR - London Interbank Offered Rate (Monthly)

LLC - Limited Liability Corporation

Ltd. - Limited

MSCI - Morgan Stanley Capital International

NV - Naamloze Vennootschap (Dutch: Limited Liability Company)

OYJ - Osakeyhtio is the Finnish equivalent of a public limited company.

PLC - Public Limited Company

S.A. - Generally designates corporations in various countries, mostly those employing the civil law.

SpA - Societa` Per Azioni is an Italian shared company

S&P - Standard & Poor’s

SPDR - Standard & Poor’s Depositary Receipt

For Fund compliance purposes, each Fund’s industry classifications refer to any one of the industry sub-classifications used by one or more widely recognized market indexes, and/or as defined by each Fund’s management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percent of net assets. These industry classifications are unaudited.

See Notes to the Financial Statements.

www.cloughglobal.com

Clough Global Funds

Statements of Assets and Liabilities

October 31, 2015


	Clough Global		Clough Global		Clough Global
	Allocation Fund		Equity Fund		Opportunities Fund
ASSETS:

Investments, at value (Cost - see below)*	$	242,812,877	$	402,429,507	$	1,010,001,206
Cash		2,135,812		2,179,946		7,306,397
Foreign Currency, at value (Cost $735,617, $2,273,674 and $4,493,539)		736,717		2,275,506		4,497,966
Deposit with broker for futures contracts		156,000		261,000		663,000
Deposit with broker for securities sold short		97,542,826		169,253,415		400,761,504
Deposit with brokers for total return swap contracts		6,003,637		10,555,207		24,821,450
Unrealized appreciation on total return swap contracts		228,337		364,280		967,786
Dividends receivable		170,071		243,540		538,716
Interest receivable		307,204		241,677		1,238,432
Receivable for investments sold		12,462,834		19,634,107		49,626,961
Total Assets		362,556,315		607,438,185		1,500,423,418

LIABILITIES:

Loan payable		93,300,000		156,000,000		388,900,000
Interest due on loan payable		8,026		13,421		33,457
Variation margin payable		18,525		30,994		78,731
Securities sold short (Proceeds $91,735,378, $160,248,810 and $381,205,202)		96,595,895		167,759,912		401,474,726
Payable for investments purchased		9,068,716		15,158,016		39,162,001
Unrealized depreciation on total return swap contracts		469,734		953,957		1,926,571
Dividends payable - short sales		79,573		132,416		329,722
Interest payable - margin account		61,735		119,026		255,094
Accrued investment advisory fee		215,032		464,340		1,268,286
Accrued administration fee		87,549		165,099		405,852
Accrued trustees fee		148		148		148
Other payables and accrued expenses		475		65,209		475
Total Liabilities		199,905,408		340,862,538		833,835,063
Net Assets	$	162,650,907	$	266,575,647	$	666,588,355

Cost of Investments	$	242,590,055	$	397,934,581	$	1,021,448,343


COMPOSITION OF NET ASSETS:

Paid-in capital	$	165,478,928	$	263,692,992	$	712,547,900
Overdistributed net investment income		(2,560,125)		(7,253,121)		(16,052,685)
Accumulated net realized gain on investment securities, futures contracts, securities sold short, written options, total return swap contracts and foreign currency transactions		4,602,204		13,726,815		2,730,657
Net unrealized depreciation in value of investment securities, futures contracts, securities sold short, total return swap contracts and translation of assets and liabilities denominated in foreign currency		(4,870,100)		(3,591,039)		(32,637,517)
Net Assets	$	162,650,907	$	266,575,647	$	666,588,355

Shares of common stock outstanding of no par value, unlimited shares authorized		10,392,606		17,653,305		51,574,059

Net asset value per share	$	15.65	$	15.10	$	12.92